Market Update: Averages make a run on upbeat Fed forecast….

DOW up over 200 on FOMC forecast. D-E-N-I-A-L.

Intel reported kickass earnings (Intel gets 85% of their profit from overseas)..the banks earnings (outside Golden Slacks, which do not reflect the TOXIC ASSETS we heard oh so much about) are not worth the paper  they are written on…

The FED (FOMC) meeting minutes were released along with their new economic outlook which has a higher call for GDP and a call for higher unemployment than previously forecast. MiM thinks they are off on both, even the inventory build everyone is expecting to push us to a positive GDP for the 3Q 09, is for MiM anyway in doubt..

Were I the manufacturer, producer, retail chain store inventory manager I would NOT build an inventory right now..ahead of the CONSTANT, ENDLESS ASSAULT on capital from, well the Capitol…

They are now proposing a WATER SURCHARGE on businesses that use a lot of water, to rebuild infrastructure…

Take your profits and bury them in the yard, sheeeet, maybe we will get a chance to spend those dilly dollars before the inevitable inflation bites us in the axx….assuming the Man doesn’t come take it first for the GREATER GOOD…frakkers..

I cannot think of a worse time to propose an individual mandate than when people are cutting back on FOOD out of necessity, NOW is not the time to tell them they MUST pay for insurance….

DOW up over 200 right now, on a serious tear people….Have I mentioned that TOTUS felt the need to make an appearance on tv to support the House Health Care bill (the one that is counter to everything he said in the primaries) just as Hill’s first big speech was starting, he sucked the air out of the room for her like he sucks the animal spirits out of the marketplace...have to go to MSNBC, ugh to get highlights of her speech which even they the He Man Woman Haters Club says was great, too bad none of us got to see it cause the publicity HOG was on …AGAIN…people are writing FREE HILLARY! pieces already….

We got ONE SENTENCE on Hillary’s speech from Reuters:

“Success in Afghanistan also requires close cooperation from neighboring Pakistan, which I will visit this fall,” she said in a speech at the Council of Foreign Relations think tank.

U.S. Secretary of State Hillary Clinton, who visits India later this week, said on Wednesday she will go to Pakistan in the fall.

GOLD back up over 940 BTW…

and PS TOTUS now considering BUYING peoples homes and letting them RENT them back, so Uncle Sam would own the house. But he wouldn’t do HOLC when it would have helped and attacked Hill for suggesting it (she proposed HOLC this in September 2008). some day’s the hypocrisy bothers me more than others…..

July 15, 2009. Tags: , , , , , , , , , , , , , , . Politics. 1 comment.

Market Movers: Consumer Prices Drop as Energy, Food prices decline; Intel earnings; Credit Card Defaults Rise; Walmart CEO says recession will continue….

This is the best thing we have going for us in this economy, the drop in oil (now $49.12 barrel ) that follows the drop in GDP….Here’s hoping Congress doesn’t kill it with cap and trade….

Techs are getting slammed after Intel report...NAS down 20 now to 1605 worst of all the averages, DOW now pretty much flat at 7913, S&P also flat at 838…

CNBC has a countdown clock up to TOTUS speaking yet AGAIN, on taxes now, the HARD SELL, good luck with that, yes the media will swoon and report without fact checking the supposed wonders of the TOTUS 13 a week temporary tax cut ..attempts to diffuse Tax Day Tea Party sentiment with this will surely fall flat….there is only so long you can spin, Americans know a giant looming tax increase when they see it, and this Obama Budget IS a giant looming tax increase on all of us for generations….you just cannot spend this way…GIVE US LIBERTY, DON’T GIVE US DEBT…oops got my Tea Party rant going a little early there eh? LOL!!


Consumer prices fell in March and recorded their first 12-month drop since 1955, government data showed Wednesday, as slumping demand amid a severe recession pushed down energy and food costs….Energy prices dropped 3.0 percent in March after rising 3.3 percent the previous month. The food index eased 0.1 percent for a second straight month in March, the department said.

…Core prices, which exclude food and energy items, rose 0.2 percent after rising by the same margin in February. That compared to analysts’ prediction for a 0.1 percent increase….

Funny, when I LIVE the way I do, I still see an increase in my bills, must be because I NEED FOOD AND ENERGY to survive thus you cannot exclude them to get an accurate idea of consumer budget pinch.. this used to lead them to say it wasn;t that bad for the consumer when Oil was over 80 and now they say it is good when our prices paid are up excluding those factors, maroons.


What works on paper will not tell you when consumer sentiment will turn around, you need the headline number to really see what is happening to our budgets. ..anyway thank Gawd oil is down but the grocery stores aren’t passing back a whole lot of savings in my neck of the woods, cereal prices are still extortionate I tell you! (anyone with school age kids is at the mercy of General Mills, hey there’s a good stock idea, I like to buy what I know :0) )

sigh sorry in full rant mode today, LOL

Back to the economic data:

Meredith Whitney right again :0), as CapitalOne shares drop off credit card  delinquency rise:

Capital One Financial, a leading issuer of MasterCard and Visa credit cards, said U.S. credit card defaults rose in March as unemployment soared, sending its shares lower.

In a regulatory filing Wednesday, the company said the annualized net charge-off rate for U.S. credit cards — debts the company believes it will never collect — rose to 9.33 percent in March from 8.06 percent in February. The rate for loans at least 30 days delinquent fell slightly, to 5.08 percent from 5.1 percent…

And WalMart who should know, says this recession isn’t ending anytime soon…

The head of Wal-Mart Stores, the world’s biggest retailer, said on Wednesday there remained a “lot of stress” in the economy and he did not anticipate a quick end to the recession….”It’s not a ‘V’ recession, where we’re just going to bounce out and come back,” he said….

…Duke said that by the end of the month, just before traditional paydays, customers are left with only a few dollars to spend.

He said the downturn will lead to a “sustained change” in the way that families live. But he added that customers are buying electronics, like flat screen TVs or video game systems, as they cut back on entertainment outside of the home or scrap vacation plans…..

April 15, 2009. Tags: , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized, Unemployment Statistics, Wall St. Comments off.

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